Helix Energy Solutions (NYSE: HLX) sees lower 2025 profit but builds cash and buybacks
Rhea-AI Filing Summary
Helix Energy Solutions Group reported weaker earnings but strong cash generation for the fourth quarter and full year 2025. Fourth quarter net income was
For 2025, net income was
Positive
- None.
Negative
- None.
Insights
2025 profits declined, but Helix strengthened its balance sheet and cash generation.
Helix delivered lower earnings in 2025, with net income of
At the same time, cash metrics improved. Free Cash Flow was
The business mix shows weakness in Well Intervention and Production Facilities, partly offset by growth in Robotics and Shallow Water Abandonment. Management notes volatile markets and lower oil prices but points to a multi-year UK North Sea P&A award and building offshore momentum into
UNITED STATES
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Item 2.02. Results of Operations and Financial Condition.
On February 23, 2026, Helix Energy Solutions Group, Inc. (“Helix”) issued a press release reporting its financial results for the fourth quarter and full year 2025. The press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
On February 23, 2026, Helix issued a press release reporting its financial results for the fourth quarter and full year 2025. In addition, on February 24, 2026, Helix is making a presentation (with slides) to analysts and investors regarding its financial and operating results. Furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference, are the press release and the slides for the Fourth Quarter 2025 Conference Call Presentation issued by Helix. The presentation materials are also available on the Investor Relations section of Helix’s website, www.helixesg.com.
The information furnished pursuant to Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 23, 2026 | | ||
HELIX ENERGY SOLUTIONS GROUP, INC. | |||
By: | /s/ Erik Staffeldt | ||
Erik Staffeldt | |||
Executive Vice President and | |||
EXHIBIT 99.1
| | | | | | | | |
Helix Energy Solutions Group, Inc. | ● | 3505 W. Sam Houston Parkway N., Suite 400 | ● | Houston, TX 77043 | ● | 281-618-0400 | ● | fax: 281-618-0505 |
| | | | | | | | |
For Immediate Release | | | | | | | 26-004 | |
| | | | | | | | |
Date: February 23, 2026 | Contact: | Erik Staffeldt | | | | | ||
| | | Executive Vice President & CFO | | | |||
| | | | | | | | |
Helix Reports Fourth Quarter and Full Year 2025 Results
HOUSTON, TX – Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) reported net income of $8.3 million, or $0.06 per diluted share, for the fourth quarter 2025 compared to net income of $22.1 million, or $0.15 per diluted share, for the third quarter 2025 and net income of $20.1 million, or $0.13 per diluted share, for the fourth quarter 2024. Net income during the fourth quarter 2025 included a non-cash impairment charge for certain of our oil and gas properties of approximately $18.1 million (pre-tax). Helix reported Adjusted EBITDA1 of $73.9 million for the fourth quarter 2025 compared to $103.7 million for the third quarter 2025 and $71.6 million for the fourth quarter 2024.
For the full year 2025, Helix reported net income of $30.8 million, or $0.21 per diluted share, compared to net income of $55.6 million, or $0.36 per diluted share, for the full year 2024. Adjusted EBITDA for the full year 2025 was $272.0 million compared to $303.1 million for the full year 2024. The table below summarizes our results of operations:
Summary of Results
($ in thousands, except per share amounts, unaudited)
| | Three Months Ended | | Year Ended |
| |||||||||||
| | 12/31/2025 | | 12/31/2024 | | 9/30/2025 | | 12/31/2025 | | 12/31/2024 |
| |||||
Revenues | | $ | 334,162 | | $ | 355,133 | | $ | 376,960 | | $ | 1,291,474 | | $ | 1,358,560 | |
Gross Profit | | $ | 50,633 | | $ | 58,859 | | $ | 66,019 | | $ | 159,138 | | $ | 219,564 | |
| |
| 15 | % |
| 17 | % |
| 18 | % |
| 12 | % |
| 16 | % |
Net Income (loss) | | $ | 8,270 | | $ | 20,121 | | $ | 22,083 | | $ | 30,827 | | $ | 55,637 | |
Basic Earnings (Loss) Per Share | | $ | 0.06 | | $ | 0.13 | | $ | 0.15 | | $ | 0.21 | | $ | 0.37 | |
Diluted Earnings (Loss) Per Share | | $ | 0.06 | | $ | 0.13 | | $ | 0.15 | | $ | 0.21 | | $ | 0.36 | |
Adjusted EBITDA1 | | $ | 73,871 | | $ | 71,641 | | $ | 103,671 | | $ | 271,957 | | $ | 303,147 | |
Cash and Cash Equivalents | | $ | 445,196 | | $ | 368,030 | | $ | 338,033 | | $ | 445,196 | | $ | 368,030 | |
Net Debt1 | | $ | (137,201) | | $ | (52,873) | | $ | (30,561) | | $ | (137,201) | | $ | (52,873) | |
Cash Flows from Operating Activities | | $ | 113,163 | | $ | 77,977 | | $ | 24,277 | | $ | 136,749 | | $ | 186,028 | |
Free Cash Flow1 | | $ | 107,467 | | $ | 65,454 | | $ | 22,589 | | $ | 120,407 | | $ | 163,188 | |
Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our fourth quarter financial results, accounting for seasonal impacts, highlight the outstanding execution by the Helix team. Our team delivered $74 million of EBITDA, our highest fourth quarter EBITDA since 2013. We generated Free Cash Flow of over $100 million during the quarter, delivering $120 million of Free Cash Flow for the full year 2025. We have amassed a substantial cash balance, $445 million at year end, providing significant optionality for its deployment. The market does remain volatile. Oil prices declined nearly 20% year over year, resulting in a slower oil and gas offshore market. This downturn resulted in an $18 million non-cash charge for our Thunder Hawk field during the fourth quarter. Following a successful recompletion in February, the field is expected to resume production early April. In this challenging market, we are finding pockets of market resilience despite macro and geopolitical head winds. Our sales efforts secured a multi-year P&A program in the UK North Sea on up to 34 subsea wells. We expect the near-term market to continue at its current pace, but recognize momentum is building in the offshore market pointing to improvements in the latter half of 2026 and into 2027.”
|
1 Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP measures; see reconciliations below |
Segment Information, Operational and Financial Highlights
($ in thousands, unaudited)
| | Three Months Ended | | Year Ended | |||||||||||
| | 12/31/2025 | | 12/31/2024 | | 9/30/2025 | | 12/31/2025 | | 12/31/2024 | |||||
Revenues: |
| | |
| | |
| | |
| | |
| | |
Well Intervention | | $ | 181,006 | | $ | 226,188 | | $ | 193,205 | | $ | 729,371 | | $ | 829,862 |
Robotics | |
| 87,332 | |
| 81,594 | |
| 99,407 | |
| 323,353 | |
| 297,678 |
Shallow Water Abandonment | | | 57,555 | | | 37,690 | | | 74,642 | | | 199,633 | | | 186,979 |
Production Facilities | |
| 17,262 | |
| 18,462 | |
| 18,513 | |
| 72,693 | |
| 88,709 |
Intercompany Eliminations | |
| (8,993) | |
| (8,801) | |
| (8,807) | |
| (33,576) | |
| (44,668) |
Total | | $ | 334,162 | | $ | 355,133 | | $ | 376,960 | | $ | 1,291,474 | | $ | 1,358,560 |
| | | | | | | | | | | | | | | |
Income (Loss) from Operations: | | | | | | | | | | | | | | | |
Well Intervention | | $ | 12,269 | | $ | 29,118 | | $ | 8,558 | | $ | 24,367 | | $ | 93,205 |
Robotics | |
| 19,056 | |
| 19,335 | |
| 27,878 | |
| 71,325 | |
| 77,343 |
Shallow Water Abandonment | | | 8,560 | | | (5,422) | | | 15,741 | | | 10,503 | | | (9,323) |
Production Facilities | |
| 3,548 | |
| 5,498 | |
| 5,381 | |
| 20,298 | |
| 21,340 |
Long-lived asset impairment | |
| (18,064) | |
| — | |
| — | |
| (18,064) | |
| — |
Corporate / Other / Eliminations | |
| (13,105) | |
| (17,651) | |
| (9,707) | |
| (43,294) | |
| (55,130) |
Total | | $ | 12,264 | | $ | 30,878 | | $ | 47,851 | | $ | 65,135 | | $ | 127,435 |
Fourth Quarter Results
Segment Results
Well Intervention
Well Intervention revenues decreased $12.2 million, or 6%, during the fourth quarter 2025 compared to the prior quarter primarily due to lower utilization on the Sea Helix 1 (formerly the Siem Helix 1) and the Well Enhancer, offset partially by higher utilization on the Q4000 during the fourth quarter 2025. Utilization was lower during the fourth quarter 2025 on the Sea Helix 1 as it transitioned between long-term contracts in Brazil and on the Well Enhancer due to the winter seasonal slowdown in the North Sea. Overall Well Intervention vessel utilization decreased to 72% during the fourth quarter 2025 compared to 76% during the prior quarter. Well Intervention operating income increased $3.7 million during the fourth quarter 2025 compared to the third quarter 2025 primarily due to mobilization cost deferrals on the Sea Helix 1 during the fourth quarter and accelerated amortization during the third quarter of deferred regulatory costs related to the Q4000.
Well Intervention revenues decreased $45.2 million, or 20%, during the fourth quarter 2025 compared to the fourth quarter 2024. The decrease was primarily due to lower revenues on the Q4000, the Seawell and the Sea Helix 1 compared to the prior year. Revenues decreased on the Q4000 due to lower utilization, which had gaps between projects, and lower integrated project revenues during the fourth quarter 2025 compared to the fourth quarter 2024 when the vessel had higher integrated project revenues working in Nigeria. Revenues on the Seawell decreased as the vessel was stacked during the fourth quarter 2025 compared to having 50% utilization in addition to the recognition of a contract cancellation fee of approximately $14 million during the fourth quarter 2024. Sea Helix 1 revenues decreased year over year with lower utilization as the vessel transitioned between long-term contracts in Brazil during the fourth quarter 2025. Revenue decreases were offset partially by higher revenues on the Well Enhancer, the Siem Helix 2 and the Q5000. Revenues increased on the Well Enhancer, which worked later into the winter season during the fourth quarter 2025 compared to the prior year. The Siem Helix 2 and the Q5000 operated at higher rates during the fourth quarter 2025 compared to the prior year. Well Intervention operating income decreased $16.8 million during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower revenues, offset partially by lower integrated project costs on the Q4000 and lower costs due to the vessel stacking in the North Sea.
Robotics
Robotics revenues decreased $12.1 million, or 12%, during the fourth quarter 2025 compared to the prior quarter. The decrease in revenues was due to lower overall vessel, trenching and ROV utilization with the winter seasonal slowdown in North Sea operations in the fourth quarter. During the fourth quarter 2025, integrated vessel trenching decreased to 134 days and trenching on third-party vessels decreased to 137 days compared to 210 days and 165 days, respectively, during the prior quarter. Total Robotics vessel activity declined to 491 days during the fourth quarter 2025, or 91% utilization, compared to 536 days, or 92% utilization, during the prior quarter. ROV and trencher utilization decreased to 58% during the fourth quarter 2025 compared to 63% during the prior quarter, and site clearance operations using our IROV boulder grabs generated 100 days of utilization during the fourth quarter 2025 compared to 192 days during the prior quarter. Robotics operating income decreased $8.8 million compared to the prior quarter primarily due to lower revenues.
Robotics revenues increased $5.7 million, or 7%, during the fourth quarter 2025 compared to the fourth quarter 2024. Revenue increases were primarily due to higher rates and higher levels of third-party trenching activities and increased site clearance operations, offset partially by lower vessel activities, including fewer integrated vessel trenching days, and lower overall ROV utilization during the fourth quarter 2025. The fourth quarter 2025 included 137 days of trenching on third-party vessels with the T-1400-1 and T-1400-2 jet trenchers compared to 26 days during the fourth quarter 2024 with the i-Plough. Robotics also had 100 days of site clearance operations using IROV boulder grabs during the fourth quarter 2025 compared to 65 days during the fourth quarter 2024. These improvements were offset partially by a reduction in integrated vessel trenching to 134 days during the fourth quarter 2025 compared to 269 days during the fourth quarter 2024. The fourth quarter 2025 included 491 aggregate vessel days compared to 508 vessel days during the fourth quarter 2024. Overall ROV utilization decreased to 58% during the fourth quarter 2025 compared to 64% during the fourth quarter 2024. Robotics operating income decreased $0.3 million during the fourth quarter 2025 due to the incurrence of demobilization costs for one of its chartered vessels and lower margins on certain projects due to the mix of contracting compared to the fourth quarter 2024.
Shallow Water Abandonment
Shallow Water Abandonment revenues decreased $17.1 million, or 23%, during the fourth quarter 2025 compared to the prior quarter. The decrease in revenues was primarily related to the seasonal slowdown in the Gulf of America shelf with lower utilization on systems and vessels including the Epic Hedron during the fourth quarter 2025. Plug and Abandonment (“P&A”) and Coiled Tubing (“CT”) systems activity decreased to 621 days, or 26% utilization, during the fourth quarter 2025 compared to 1,003 days, or 42% utilization, during the prior quarter. Vessel utilization (excluding heavy lift) decreased to 52% during the fourth quarter 2025 compared to 65% during the prior quarter. The Epic Hedron heavy lift barge had good fourth quarter utilization of 92%, albeit down slightly from the prior quarter which saw full utilization. Shallow Water Abandonment operating income decreased $7.2 million compared to the prior quarter primarily due to lower revenues during the fourth quarter 2025.
Shallow Water Abandonment revenues increased $19.9 million, or 53%, during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to higher revenues on the Epic Hedron and higher utilization on our systems, offset partially by lower utilization on our other vessels. The Epic Hedron was 92% utilized and operated at higher rates during the fourth quarter 2025 compared to having only 41% utilization during the fourth quarter 2024. Utilization on P&A and CT systems increased to 621 days, or 26%, during the fourth quarter 2025 compared to 416 days, or 17%, during the fourth quarter 2024. Vessel utilization (excluding heavy lift), decreased to 52% during the fourth quarter 2025 compared to 65% during the fourth quarter 2024. During the fourth quarter 2025, two liftboats and three OSVs remained stacked as a cost reduction measure. Shallow Water Abandonment operating income increased $14.0 million in the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to higher revenues.
Production Facilities
Production Facilities revenues decreased $1.3 million, or 7%, during the fourth quarter 2025 compared to the prior quarter primarily due to lower oil and gas production and prices from the Droshky field and lower revenues related to the Helix Fast Response System (“HFRS”) due to increased contractual credits for HFRS customers during the fourth quarter 2025. The Thunder Hawk field remained shut in during both quarters. Production Facilities operating income decreased $1.8 million during the fourth quarter 2025 primarily due to lower revenues and higher operating expenses compared to the prior quarter.
Production Facilities revenues decreased $1.2 million, or 6%, during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower oil and gas production and prices from the Droshky field and lower revenues related to the HFRS due to increased contractual credits for HFRS customers during the fourth quarter 2025. The Thunder Hawk field remained shut in during the fourth quarters 2024 and 2025. Production Facilities operating income decreased $2.0 million during the fourth quarter 2025 compared to the fourth quarter 2024 primarily due to lower revenues and higher operating expenses.
Selling, General and Administrative and Other
Selling, General and Administrative
Selling, general and administrative expenses were $20.3 million, or 6.1% of revenue, during the fourth quarter 2025 compared to $18.2 million, or 4.8% of revenue, during the prior quarter and $27.6 million, or 7.8% of revenue, during the fourth quarter 2024. The increase in expenses quarter over quarter was primarily due to higher employee compensation costs, and the decrease in expenses year over year was primarily due to lower employee compensation costs.
Other Income and Expense
Other expense, net was $0.5 million during the fourth quarter 2025 compared to $1.0 million during the prior quarter and $1.3 million during the fourth quarter 2024. Other expense, net primarily includes net foreign currency losses related to our international subsidiaries’ foreign currency positions.
Long-lived Asset Impairment
Long-lived asset impairment includes a non-cash impairment of our Thunder Hawk field in our Production Facilities segment during the fourth quarter 2025 due to lower oil prices and higher expected operating costs, including expected workover costs.
Cash Flows
Operating cash flows were $113.2 million during the fourth quarter 2025 compared to $24.3 million during the prior quarter and $78.0 million during the fourth quarter 2024. Operating cash flows during the fourth quarter 2025 increased compared to the prior quarter primarily due improvements in working capital, offset partially by lower earnings. Operating cash flows during the fourth quarter 2025 increased compared to the fourth quarter 2024 primarily due to higher working capital inflows. Regulatory certifications for our vessels and systems, which are included in operating cash flows, were $3.7 million during the fourth quarter 2025 compared to $14.3 million during the prior quarter and $6.1 million during the fourth quarter 2024.
Capital expenditures, which are included in investing cash flows, totaled $5.7 million during the fourth quarter 2025 compared to $1.7 million during the prior quarter and $12.5 million during the fourth quarter 2024.
Free Cash Flow was $107.5 million during the fourth quarter 2025 compared to $22.6 million during the prior quarter and $65.5 million during the fourth quarter 2024. The increase in Free Cash Flow in the fourth quarter 2025 compared to the prior quarter and fourth quarter 2024 was primarily due to higher operating cash flows during the fourth quarter 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)
Full Year Results
Segment Results
Well Intervention
Well Intervention revenues decreased $100.5 million, or 12%, in 2025 compared to 2024 primarily due to overall lower utilization offset partially by higher rates in 2025. Utilization declined primarily due to the stacking of the Seawell in the North Sea during the entirety of 2025 whereas the vessel had 86% utilization during 2024. Utilization also declined as the Q7000, the Q5000 and the Q4000 collectively underwent 131 docking days during 2025 compared to 10 days on the Sea Helix 1 during 2024. Additionally, revenues in 2024 included $14 million of contract cancellation fees for work that had been planned for 2025. Overall Well Intervention vessel utilization decreased to 72% during 2025 compared to 90% in 2024. Revenue declines were offset partially by higher rates on the Well Enhancer, and in Brazil in 2025. Well Intervention operating income decreased $68.8 million during 2025 compared 2024 primarily due to lower revenues, offset partially by lower costs on the Seawell due to the vessel being warm stacked during 2025 and higher deferred costs related to the dockings during 2025.
Robotics
Robotics revenues increased $25.7 million, or 9%, in 2025 compared to 2024. The increase was primarily due to increased trenching on third party vessels and higher project rates on our vessel activities, offset partially by lower overall vessel and ROV utilization in 2025. Robotics generated 483 days of trenching on third party vessels during 2025 compared to 167 days during 2024; however, vessel utilization decreased to 1,808 days in 2025 compared to 1,901 days in 2024. Included in vessel days are integrated vessel trenching days, which decreased to 635 days in 2025 compared to 835 days in 2024, and site clearance vessel days, which increased to 503 days in 2025 compared to 325 days in 2024. Overall ROV and trencher utilization decreased to 59% in 2025 compared to 69% in 2024. Robotics operating income decreased $6.0 million in 2025 compared to 2024. The decrease in operating income was primarily due to lower margins on certain projects due to the mix of contracting offset partially by higher revenues during 2025.
Shallow Water Abandonment
Shallow Water Abandonment revenues increased $12.7 million, or 7%, in 2025 compared to 2024. The increase in revenues was primarily due to higher utilization on the Epic Hedron leavy lift barge and on our systems in 2025 compared to 2024. Utilization on the Epic Hedron heavy lift barge was 58% during 2025 compared to 44% during 2024. P&A and CT systems achieved 2,686 days of utilization, or 28%, during 2025 compared to 2,281 days, or 24%, during 2024. Vessel utilization (excluding heavy lift) declined to 53% during 2025 compared to 61% during 2024. Shallow Water Abandonment generated operating income of $10.5 million during 2025, an increase of $19.8 million compared to an operating loss of $9.3 million in 2024. The increase was primarily due to higher revenues, lower operating expenses, and higher margin contracting in 2025.
Production Facilities
Production Facilities revenues decreased $16.0 million, or 18%, during 2025 compared to 2024. The decrease in 2025 was primarily due to lower oil and gas production volumes with the Thunder Hawk field being shut during 2025 after having had approximately seven months of production in 2024. The Droshky field production declined in 2025 compared to 2024 and realized oil prices were lower by 12% year over year. Production Facilities operating income decreased $1.0 million during 2025 primarily due to lower revenues, offset partially by lower operating expenses and lower workover costs on the Thunder Hawk field compared to 2024.
Selling, General and Administrative and Other
Selling, General and Administrative
Selling, general and administrative expenses were $75.9 million, or 5.9% of revenue, in 2025 compared to $91.7 million, or 6.7% of revenue, in 2024. The decrease in expense was primarily due to a net decrease in employee compensation-related costs in 2025.
Other Income and Expenses
Other expense, net was $1.4 million in 2025 compared to $3.9 million in 2024. The decrease in other expense in 2025 was primarily due to a charge in 2024 of $2.4 million related to an increase in the value of incentive credits issued to the seller of P&A equipment acquired in 2023.
Cash Flows
Helix generated operating cash flows of $136.7 million in 2025 compared to $186.0 million in 2024. Operating cash flows in 2025 decreased primarily due to lower earnings, higher regulatory certification costs on our vessels and systems and net working capital outflows compared to 2024, offset partially by the $58.3 million cash paid in 2024 for the earnout related to the Helix Alliance acquisition. Regulatory certification costs, which are considered part of Helix’s capital spending program but are classified in operating cash flows, were $52.0 million in 2025 compared to $35.4 million in 2024.
Capital expenditures decreased to $16.3 million in 2025 compared to $23.3 million in 2024.
Free Cash Flow decreased to $120.4 million in 2025 compared to $163.2 million in 2024. The decrease was due to lower operating cash flows, offset in part by lower capital expenditures in 2025. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)
Share Repurchases
Share repurchases in 2025 totaled 4.6 million shares for approximately $30.2 million compared to share repurchases in 2024 of 2.9 million shares for approximately $29.6 million.
Financial Condition and Liquidity
Cash and cash equivalents were $445.2 million at December 31, 2025. Available capacity under our ABL facility at December 31, 2025, was $110.9 million, and total liquidity was $553.6 million, excluding $2.5 million cash pledged toward our ABL facility. Consolidated long-term debt was $308.0 million at December 31, 2025, resulting in negative Net Debt of $137.2 million. (Net Debt is a non-GAAP measure. See reconciliation below.)
* * * * *
Conference Call Information
Further details are provided in the presentation for Helix’s quarterly teleconference to review its fourth quarter and full year 2025 results (see the Investor Relations page of Helix’s website, www.helixesg.com). The teleconference is scheduled for Tuesday, February 24, 2026, at 9:00 a.m. Central Time. Investors and other interested parties wishing to participate in the teleconference should dial 1-800-715-9871 within the United States and 1-646-307-1963 outside the United States. The passcode is “Staffeldt.” A live webcast of the teleconference will be available in a listen-only mode on the Investor Relations section of Helix’s website. A replay of the webcast will be available on Helix’s website shortly after the completion of the event.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. For more information about Helix, please visit our website at www.helixesg.com.
Non-GAAP Financial Measures
Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt. We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision for (release of) current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net Debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash.
We use EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions and joint ventures or other transactions; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments, including tariffs; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC’s website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.
HELIX ENERGY SOLUTIONS GROUP, INC.
| | | Three Months Ended Dec. 31, | | Year Ended Dec. 31, | ||||||||
(in thousands, except per share data) | | | 2025 | | 2024 | | 2025 | | 2024 | ||||
| | | (unaudited) | | (unaudited) | | | | |||||
| | | | | | | | | | | | | |
Net revenues | | | $ | 334,162 | | $ | 355,133 | | $ | 1,291,474 | | $ | 1,358,560 |
Cost of sales | | |
| 283,529 | |
| 296,274 | |
| 1,132,336 | |
| 1,138,996 |
Gross profit | | |
| 50,633 | |
| 58,859 | |
| 159,138 | |
| 219,564 |
Loss on disposition of assets, net | |
| — | |
| (429) | |
| — | |
| (479) | |
Long-lived asset impairment | | | (18,064) | | | — | | | (18,064) | | | — | |
Selling, general and administrative expenses | |
| (20,305) | |
| (27,552) | |
| (75,939) | |
| (91,650) | |
Income from operations | |
| 12,264 | |
| 30,878 | |
| 65,135 | |
| 127,435 | |
Net interest expense | | |
| (5,580) | |
| (5,572) | |
| (22,777) | |
| (22,629) |
Losses related to convertible senior notes | |
| — | |
| — | |
| — | |
| (20,922) | |
Other expense, net | |
| (487) | |
| (1,275) | |
| (1,390) | |
| (3,922) | |
Royalty income and other | |
| 101 | |
| (30) | |
| 1,512 | |
| 2,102 | |
Income before income taxes | |
| 6,298 | |
| 24,001 | |
| 42,480 | |
| 82,064 | |
Income tax provision (benefit) | |
| (1,972) | |
| 3,880 | |
| 11,653 | |
| 26,427 | |
Net income | | | $ | 8,270 | | $ | 20,121 | | $ | 30,827 | | $ | 55,637 |
| | | | | | | | | | | | | |
Earnings per share of common stock: | | | | | | | | | | | | | |
Basic | | | $ | 0.06 | | $ | 0.13 | | $ | 0.21 | | $ | 0.37 |
Diluted | | | $ | 0.06 | | $ | 0.13 | | $ | 0.21 | | $ | 0.36 |
| | | | | | | | | | | | | |
Weighted average common shares outstanding: | | | | | | | | | | | | | |
Basic | | |
| 146,994 | |
| 151,446 | |
| 148,349 | |
| 151,989 |
Diluted | | |
| 147,149 | |
| 154,246 | |
| 148,454 | |
| 154,699 |
| | | Dec. 31, 2025 | | Dec. 31, 2024 | ||
(in thousands) | | | (unaudited) | | | | |
| | | | | | | |
ASSETS | |
| | |
| | |
| | | | | | | |
Current Assets: | |
| | |
| | |
Cash and cash equivalents | | | $ | 445,196 | | $ | 368,030 |
Accounts receivable, net | | |
| 303,939 | |
| 258,630 |
Other current assets | | |
| 75,857 | |
| 83,022 |
Total Current Assets | | |
| 824,992 | |
| 709,682 |
| | | | | | | |
Property and equipment, net | | |
| 1,362,494 | |
| 1,437,853 |
Operating lease right-of-use assets | | |
| 302,649 | |
| 329,649 |
Deferred recertification and dry dock costs, net | | | 74,351 | | | 71,718 | |
Other assets, net | | |
| 51,418 | |
| 48,178 |
Total Assets | | | $ | 2,615,904 | | $ | 2,597,080 |
| | | | | | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | |
| | | | | | | |
Current Liabilities: | | | | | | | |
Accounts payable | | | $ | 134,287 | | $ | 144,793 |
Accrued liabilities | | |
| 94,951 | |
| 90,455 |
Current maturities of long-term debt | | |
| 9,644 | |
| 9,186 |
Current operating lease liabilities | | |
| 60,796 | |
| 59,982 |
Total Current Liabilities | | |
| 299,678 | |
| 304,416 |
| | | | | | | |
Long-term debt | | |
| 298,351 | |
| 305,971 |
Operating lease liabilities | | |
| 260,959 | |
| 285,984 |
Deferred tax liabilities | | |
| 105,571 | |
| 113,973 |
Other non-current liabilities | | |
| 71,433 | |
| 66,971 |
Shareholders' equity | | |
| 1,579,912 | |
| 1,519,765 |
Total Liabilities and Equity | | | $ | 2,615,904 | | $ | 2,597,080 |
HELIX ENERGY SOLUTIONS GROUP, INC.
| | | Year Ended | ||||
(in thousands) | | | 12/31/2025 | | 12/31/2024 | ||
| | | (unaudited) | | | | |
Cash flows from operating activities: | |
| | | | | |
Net income | | | $ | 30,827 | | $ | 55,637 |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | |
| | |
Depreciation and amortization | | |
| 187,382 | |
| 173,292 |
Long-lived asset impairment | | | | 18,064 | | | — |
Deferred certification and dry dock costs | | | (51,996) | | | (35,387) | |
Payment of earnout consideration | | | | — | | | (58,300) |
Losses related to convertible senior notes | |
| — | |
| 20,922 | |
Other non-cash charges | | | 1,178 | | | 21,324 | |
Changes in operating assets and liabilities | | |
| (48,706) | |
| 8,540 |
Net cash provided by operating activities | |
| 136,749 | |
| 186,028 | |
| | | | | | | |
Cash flows from investing activities: | | |
| | |
| |
Capital expenditures | | |
| (16,342) | |
| (23,303) |
Proceeds from sale of assets | | | | — | | | 100 |
Proceeds from insurance recoveries | | |
| — | |
| 363 |
Net cash used in investing activities | |
| (16,342) | |
| (22,840) | |
| | | | | | | |
Cash flows from financing activities: | | |
| | |
| |
Repayments of long-term debt | | |
| (9,186) | |
| (69,469) |
Repurchases of common stock | | | | (30,214) | | | (29,620) |
Payment of earnout consideration | | | | — | | | (26,700) |
Other financing activities | | | | (5,659) | | | 479 |
Net cash used in financing activities | |
| (45,059) | |
| (125,310) | |
| | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | |
| 1,818 | |
| (2,039) | |
Net increase in cash and cash equivalents | |
| 77,166 | |
| 35,839 | |
Cash and cash equivalents: | | |
| | |
| |
Balance, beginning of year | | |
| 368,030 | |
| 332,191 |
Balance, end of year | | | $ | 445,196 | | $ | 368,030 |
| | | | Three Months Ended | | Year Ended | |||||||||||
(in thousands, unaudited) | | | | 12/31/2025 | | 12/31/2024 | | 9/30/2025 | | 12/31/2025 | | 12/31/2024 | |||||
| | | | | | | | | | | | | | | | | |
Reconciliation from Net Income to Adjusted EBITDA: |
| | |
| | |
| | |
| | |
| | | ||
Net income | | | | $ | 8,270 | | $ | 20,121 | | $ | 22,083 | | $ | 30,827 | | $ | 55,637 |
Adjustments: | | | | | | | | | | | | | | | | | |
Income tax provision (benefit) | | | |
| (1,972) | |
| 3,880 | |
| 19,169 | |
| 11,653 | |
| 26,427 |
Net interest expense | | | |
| 5,580 | |
| 5,572 | |
| 5,616 | |
| 22,777 | |
| 22,629 |
Other expense, net | | | |
| 487 | |
| 1,275 | |
| 983 | |
| 1,390 | |
| 3,922 |
Depreciation and amortization | | | |
| 43,850 | |
| 40,564 | |
| 55,661 | |
| 187,382 | |
| 173,292 |
EBITDA | | | |
| 56,215 | |
| 71,412 | |
| 103,512 | |
| 254,029 | |
| 281,907 |
Adjustments: | | | | | | | | | | | | | | | | | |
Loss on disposition of assets, net | |
| — | |
| 429 | |
| — | |
| — | |
| 479 | ||
Long-lived asset impairment | | | | 18,064 | | | — | | | — | | | 18,064 | | | — | |
General provision for (release of) current expected credit losses | |
| (408) | |
| (200) | |
| 159 | |
| (136) | |
| (161) | ||
Losses related to convertible senior notes | |
| — | |
| — | |
| — | |
| — | |
| 20,922 | ||
Adjusted EBITDA | | | | $ | 73,871 | | $ | 71,641 | | $ | 103,671 | | $ | 271,957 | | $ | 303,147 |
| | | | | | | | | | | | | | | | | |
Free Cash Flow: | | | | | | | | | | | | | | | | | |
Cash flows from operating activities | | | $ | 113,163 | | $ | 77,977 | | $ | 24,277 | | $ | 136,749 | | $ | 186,028 | |
Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries | |
| (5,696) | |
| (12,523) | |
| (1,688) | |
| (16,342) | |
| (22,840) | ||
Free Cash Flow | | | | $ | 107,467 | | $ | 65,454 | | $ | 22,589 | | $ | 120,407 | | $ | 163,188 |
| | | | | | | | | | | | | | | | | |
Net Debt: | | | | | | | | | | | | | | | | | |
Long-term debt including current maturities | | | $ | 307,995 | | $ | 315,157 | | $ | 307,472 | | $ | 307,995 | | $ | 315,157 | |
Less: Cash and cash equivalents | |
| (445,196) | |
| (368,030) | |
| (338,033) | |
| (445,196) | |
| (368,030) | ||
Net Debt | | | | $ | (137,201) | | $ | (52,873) | | $ | (30,561) | | $ | (137,201) | | $ | (52,873) |
| February 24, 2026 Fourth Quarter 2025 Earnings Conference Call EXHIBIT 99.2 |
| Page 2 © 2026 Helix ESG This presentation contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions, joint ventures or other transactions; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law. Forward-Looking Statements |
| 3 Page 3 © 2026 Helix ESG • Executive Summary (pg. 4) • Operational Highlights (pg. 8) • Key Financial Metrics and Outlook (pg. 13) • Non-GAAP Reconciliations (pg. 21) • Questions and Answers Agenda |
| Executive Summary |
| 5 Page 5 © 2026 Helix ESG Summary of Results ($ in millions, except per share amounts, unaudited) Three Months Ended 12/31/25 12/31/24 9/30/25 12/31/25 12/31/24 Revenues 334 $ 355 $ 377 $ 1,291 $ 1,359 $ Gross profit 51 $ 59 $ 66 $ 159 $ 220 $ 15% 17% 18% 12% 16% Net income1 $ 20 8 $ 22 $ 31 $ 56 $ Basic earnings per share 0.06 $ 0.13 $ 0.15 $ 0.21 $ 0.37 $ Diluted earnings per share $ 0.13 0.06 $ 0.15 $ 0.21 $ 0.36 $ Adjusted EBITDA2 Business segments 87 $ 89 $ 113 $ 314 $ 356 $ Corporate, eliminations and other (13) (18) (10) (42) (53) Adjusted EBITDA2 $ 72 74 $ 104 $ 272 $ 303 $ Cash and cash equivalents 445 $ 368 $ 338 $ 445 $ 368 $ Net Debt2 $ (53) (137) $ (31) $ (137) $ (53) $ Cash flows from operating activities 113 $ 78 $ 24 $ 137 $ 186 $ Free Cash Flow2 $ 65 107 $ 23 $ 120 $ 163 $ Year Ended 1 Net income during the fourth quarter and for the year 2025 included a non-cash impairment loss of $18 million related to our Thunder Hawk oil and gas properties 2 Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below Amounts may not add due to rounding |
| Page 6 © 2026 Helix ESG Fourth Quarter 2025 Financial Results • Net income of $8 million, $0.06 per diluted share • Adjusted EBITDA1 of $74 million • Operating cash flows of $113 million • Free Cash Flow1 of $107 million Operations • Good late-season utilization in Shallow Water Abandonment, including on the Epic Hedron • Successful transition of the Sea Helix 1 to three-year Petrobras contract Commercial • Secured multi-year UK North Sea contract with major operator for riserless P&A operations on up to 34 subsea wells; Seawell reactivated and commenced operations February 2026 • Renewed HPI contract for one year to June 2027 Financial Condition at December 31, 2025 • Cash and cash equivalents of $445 million • Liquidity2 of $554 million • Long-term debt3 of $308 million • Negative Net Debt1 of $137 million Fourth Quarter 2025 Highlights 1 Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures; see non-GAAP reconciliations below 2 Liquidity is calculated as the sum of cash and cash equivalents and availability under Helix’s ABL facility, and excludes cash pledged to the ABL facility 3 Long-term debt is presented net of unamortized discounts and deferred issuance costs |
| Page 7 © 2026 Helix ESG Financial Results • Net income of $31 million, $0.21 per diluted share • Adjusted EBITDA1 of $272 million • Operating cash flows of $137 million • Free Cash Flow1 of $120 million Operations • Strong year for Robotics segment, working all six trenchers, seven vessels and all three boulder grabs • Significant year over year improvement in Shallow Water Abandonment results • Three vessels on long-term contract in Brazil, with Siem Helix 2 and Sea Helix 1 under three-year contracts with Petrobras at higher rates and transition of Q7000 to Brazil on 400-day contract • Completion of dockings on the Q5000 and Q4000, freeing up availability until 2027 Commercial During 2025, entered into new contracts of approximately $600 million for 2026 and beyond • Renewables trenching contract in North Sea for the Hornsea 3 Offshore Wind Farm expected to last over 300 days beginning 2026 • Four-year minimum 800-day trenching contract with NKT A/S that includes the installation, operation, project engineering and maintenance of the new T3600, designed to be the world’s most powerful subsea trencher • Well Intervention contract in the Gulf of America for minimum 150-day commitment over three years • Multi-year P&A contract in the North Sea for up to 34 wells expected to commence in 2026 • Three-year framework agreement with Exxon for well decommissioning work in the Gulf of America shelf • HWCG contract renewed through March 2027 • HP1 contract renewed for one year through June 2027 Full Year 2025 Highlights 1 Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures; see non-GAAP reconciliations below 2 Revenue percentages net of intercompany eliminations Production Maximization 30% Decommissioning 56% Renewables 12% Other 2% Revenue By Market Strategy2 Year Ended December 31, 2025 |
| Operational Highlights |
| 9 Page 9 © 2026 Helix ESG Well Intervention • Fleet utilization 72% • 85% in the Gulf of America • 35% in the North Sea • 87% in Brazil (including the Sea Helix 1, Siem Helix 2 and Q7000) • 15K IRS 75% utilized; 10K IRSs idle; ROAM idle Production Facilities • Helix Producer I operated at full rates • Thunder Hawk field shut in; Drosky field produced throughout Q4 Robotics • 491 vessel days (91% utilization) • 134 integrated vessel trenching days • 2,198 work class ROV days • 58% overall ROV and trencher utilization Shallow Water Abandonment • 52% liftboat, offshore supply vessel (OSV) and crewboat combined utilization • 54% diving support vessel (DSV) utilization • 92% utilization on Epic Hedron heavy lift barge • 621 days, or 26%, combined utilization on plug and abandonment (P&A) and coiled tubing (CT) systems Segment Results ($ in millions, unaudited) Three Months Ended Twelve Months Ended 12/31/25 12/31/24 9/30/25 12/31/25 12/31/24 Revenues Well Intervention 181 $ 226 $ 193 $ 729 $ 830 $ Robotics 87 82 99 323 298 Shallow Water Abandonment 58 38 75 200 187 Production Facilities 17 18 19 73 89 Intercompany eliminations (9) (9) (9) (34) (45) Total 334 $ 355 $ 377 $ 1,291 $ 1,359 $ Gross profit (loss) % Well Intervention 16 $ 9% $ 34 15% $ 12 6% $ 41 6% $ 111 13% Robotics 22 25% 23 28% 30 31% 82 25% 88 30% Shallow Water Abandonment 10 18% (3) (9%) 18 24% 18 9% (1) - Production Facilities 3 18% 7 36% 6 31% 21 29% 24 27% Eliminations and other (1) (1) - (2) (2) Total 51 $ 15% $ 59 17% $ 66 18% $ 159 12% $ 220 16% Utilization Well Intervention vessels 72% 79% 76% 72% 90% Robotics vessels 91% 98% 92% 88% 92% Robotics assets (ROVs and trenchers) 58% 64% 63% 59% 69% Shallow Water Abandonment vessels 54% 64% 67% 53% 60% Shallow Water Abandonment systems 26% 17% 42% 28% 24% Amounts may not add due to rounding Fourth Quarter Utilization |
| 10 Page 10 © 2026 Helix ESG • Q5000 (Gulf of America) – 98% utilized in Q4; completed multi-well production enhancement and abandonment campaign for Shell; vessel then transitioned to a single-well production enhancement and flowline cleanout project for BP • Q4000 (Gulf of America) – 72% utilized in Q4; performed construction campaign and flowline and umbilical decommissioning scopes for Murphy; vessel incurred idle time between projects during Q4 • Well Enhancer (North Sea) – 70% utilized in Q4; performed decommissioning operations for two customers • Seawell (North Sea) – idle during Q4 • Q7000 (Brazil) – 100% utilized in Q4; performed decommissioning scopes on 14 wells for Shell Brazil performing one well suspension, three open-water P&A scopes, nine lower abandonment scopes and one annulus plug recovery • Sea Helix 1 (Brazil) – 61% utilized in Q4; completed decommissioning campaign for Trident and following demobilization, conducted acceptance tests and mobilization for Petrobras; vessel commenced operations on three-year contract for Petrobras mid-November • Siem Helix 2 (Brazil) – 100% utilized in Q4; performed decommissioning scopes on four wells for Petrobras • 15K IRS (Brazil) – 75% utilized in Q4 • 10K IRSs – idle during Q4 • ROAM – idle during Q4 Well Intervention 1 Gulf of America utilization includes Q4000 utilization offshore Nigeria between Q4 2024 and Q2 2025 on a six-month contract 2 North Sea utilization includes Seawell utilization in the western Mediterranean during Q1 and Q2 2024 3 Q7000 utilization includes utilization in Australia in 2024 and Brazil in 2025 |
| 11 Page 11 © 2026 Helix ESG • Grand Canyon II (Asia Pacific) – 84 days (91%) utilized in Q4; performed oil and gas ROV support project offshore Malaysia and wellhead decommissioning in Thailand • Grand Canyon III (North Sea) – 92 days (100%) utilized in Q4; performed renewables trenching and other ROV support and site clearance work for two customers and oil and gas trenching project for a third customer • Shelia Bordelon (Gulf of America) – 50 days (54%) utilized in Q4; performed oil and gas ROV support work for three customers in Gulf of America • North Sea Enabler (North Sea) – 92 days (100%) utilized in Q4; performed renewables trenching for one customer and oil and gas trenching for another customer • Glomar Wave (North Sea) – 90 days (99%) utilized in Q4; performed UXO identification work in U.K. for one client; vessel charter expired and vessel returned to owner on December 30, 2025 • Trym (North Sea) – 84 days (100%) utilized in Q4; performed renewables site clearance operations for two customers; vessel on flexible 330-day per year charter • Trenching – 134 integrated vessel trenching days on renewables and oil and gas trenching projects on Grand Canyon III and North Sea Enabler; 137 days stand-alone trenching on the T1400-1 and T-1400-2 on third-party vessels • Site Clearance – 100 days utilization on two IROV boulder grabs on the Trym and Grand Canyon III Robotics 1 Integrated vessel trenching days represents trenching activities utilizing Helix trenchers on Helix-chartered vessels and excludes stand-alone trenching operations on third-party vessels of 49 days, 92 days, 26 days, 90 days, 91 days, 165 days and 137 days during Q2 2024, Q3 2024, Q4 2024, Q1 2025, Q2 2025, Q3 2025 and Q4 2025, respectively 2 Total ROV utilization includes 39 work class ROVs, six trenchers and three IROV boulder grabs, two of which were placed into service in Q1 2024 and Q2 2025, respectively |
| Page 12 © 2026 Helix ESG Good heavy lift utilization despite the expected seasonal slowdown in Q4; Several vessels remain temporarily stacked as a cost reduction measure based on current market conditions; stacked vessels are included in utilization metrics above Shallow Water Abandonment Offshore • Liftboats – nine liftboats with 53% combined utilization in Q4; two liftboats stacked during Q4 • OSVs – six OSVs and one crew boat with 51% combined utilization in Q4; three OSVs stacked during Q4 Energy Services • P&A Systems – 538 days utilization, or 29%, on 20 P&A systems in Q4 • CT Systems – 83 days utilization, or 15%, on six CT systems in Q4 Diving & Heavy Lift • Epic Hedron – 92% utilization on heavy lift barge during Q4 • DSVs – three DSVs with combined utilization of 54% in Q4 |
| Key Financial Metrics and Outlook |
| Page 14 © 2026 Helix ESG Total funded debt† of $315 million at 12/31/25 • $300 million Senior Notes due 2029 – 9.75% • $15 million MARAD Debt – 4.93% • Semi-annual amortization payments through maturity in Q1 2027 Debt Instrument Profile † Funded debt represents the principal amount of our long-term debt before subtracting $7 million of remaining unamortized debt discount and issuance costs $10 $5 $300 $0 $50 $100 $150 $200 $250 $300 2026 2027 2028 2029 Principal Payment Schedule at 12/31/25 ($ in millions) MARAD 2029 Senior Notes $189 $332 $368 $445 ($264) ($362) ($315) ($308) $285 $431 $430 $554 $(75) $(30) $53 $137 ($400) ($300) ($200) ($100) $0 $100 $200 $300 $400 $500 $600 Cash Long-term debt Liquidity Net Debt 12/31/22 12/31/23 12/31/24 12/31/25 Debt and Liquidity Profile at 12/31/25 ($ in millions) 1 Long-term debt net of debt issuance costs 2 Liquidity is calculated as the sum of cash and cash equivalents and available capacity under Helix’s ABL facility but excludes cash pledged to the ABL facility 3 Net Debt is a non-GAAP financial measure; see non-GAAP reconciliations below 1 2 3 Amounts may not add due to rounding Minimal maturities until 2029; Net cash position and strong liquidity at 12/31/25 |
| Page 15 © 2026 Helix ESG Our 2026 outlook will be affected by, among other things, the utilization and rates in our spot and call-off operations and the extent of winter seasonal activity and the following expected key drivers: Well Intervention • Q4000 – second half 2026 utilization • Q7000 – second half 2026 utilization • Brazil – overall operating efficiency and Sea Helix 1 docking • North Sea – second half 2026 spot market utilization Robotics • Seasonal vessel utilization in the North Sea and Asia Pacific Shallow Water Abandonment • Strength of contracting for oil and gas properties in bankruptcies reverting to former owners • Seasonal utilization on the Gulf of America shelf Free Cash Flow • Forecasted variability due to the seasonality of our operations and the timing of collections on our receivables 2026 Forecast ($ in millions) 2026 2025 Outlook Actual Revenues $ 1,200 - 1,400 1,291 $ Adjusted EBITDA1 230 - 290 272 Capital Additions2 70 - 80 70 Free Cash Flow1 100 - 160 120 Revenue Split: Well Intervention $ 695 - 830 729 $ Robotics 305 - 335 323 Shallow Water Abandonment 160 - 190 200 Production Facilities 80 - 85 73 Eliminations (40) (34) Total Revenue $ 1,200 - 1,400 1,291 $ 1 Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures; see non-GAAP reconciliations below 2 Capital Additions include regulatory certification costs for our vessels and systems as well as other capital expenditures Key Financial Metrics Key Forecast Drivers Amounts may not add due to rounding |
| Page 16 © 2026 Helix ESG EBITDA and Free Cash Flow Generation ($ in millions) $1,290 $1,359 $1,291 $1,300 $273 $303 $272 $260 21% 22% 21% 20% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2023 2024 2025 2026 Revenue Adjusted EBITDA Adjusted EBITDA Margin Adjusted EBITDA Margin $273 $303 $272 $260 49% 54% 44% 50% 9% 12% 13% 14% -30% -10% 10% 30% 50% 70% 90% 110% 130% 150% $(25) $25 $75 $125 $175 $225 $275 $325 2023 2024 2025 2026 Free Cash Flow Conversion and Free Cash Flow Yield Adjusted EBITDA FCF Conversion² FCF Yield² 3 Consistent Adjusted EBITDA1 Margins and Free Cash Flow1 Conversion Strong Free Cash Flow Yield 1 Adjusted EBITDA and Free Cash Flow (FCF) are non-GAAP financial measures; see non-GAAP reconciliations below 2 FCF Conversion is the ratio of FCF to Adjusted EBITDA and FCF Yield is FCF Flow divided by Helix market cap at the end of each year; 2026 FCF Yield based on year-end 2025 market cap 3 Revenue, Adjusted EBITDA and FCF based on midpoints of current outlook 3 |
| Page 17 © 2026 Helix ESG • Seasonal activities typically generate stronger performance during Q2 and Q3 and a decline in activity during Q1 and Q4: • Seasonal peaks generally in Q3 and troughs in Q1 • Business units most impacted by seasonality include: • Well Intervention and Robotics in the North Sea • Shallow Water Abandonment • Quarterly activity also influenced by the timing of regulatory dockings and long-term transits and mobilizations Historical Quarterly Revenue & Earnings ($ in millions) 1 Adjusted EBITDA is a non-GAAP financial measure; see non-GAAP reconciliations below $296 $365 $342 $355 $278 $302 $377 $334 $(26) $32 $30 $20 $3 $(3) $22 $8 $47 $97 $88 $72 $52 $42 $104 $74 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Revenue Net Income Adjusted EBITDA¹ |
| Page 18 © 2026 Helix ESG Well Intervention • Q5000 (Gulf of America) – performed workover in Helix’s Thunder Hawk field at beginning of year; vessel expected to have good utilization with contracted work and identified opportunities for remainder of 2026 • Q4000 (Gulf of America) – contracted into Q2; identified opportunities for the remainder of 2026 with expected schedule gaps between contracts • Well Enhancer (North Sea) – warm stacked in Aberdeen and expected to commence operations early March; identified opportunities thereafter with expected gaps between contracts and seasonal slowdown in Q4 • Seawell (North Sea) – reactivated and commenced operations early February 2026; identified opportunities in 2026 and expected seasonal slowdown in Q4 • Q7000 (Brazil) – Contracted with Shell Brazil through April; identified subsequent opportunities in Brazil and globally; potential gaps between contracts • Sea Helix 1 (Brazil) – Contracted with Petrobras into Q4 2028 • Siem Helix 2 (Brazil) – Contracted with Petrobras into Q1 2028 • IRS rental units (Global) – 15K IRS and 10K IRS rentals available and being marketed globally Shallow Water Abandonment Expect seasonal activity, with higher utilization during Q2 and Q3 and lower utilization in Q1 and Q4 • Liftboats – expect seasonal utilization on up to seven liftboats during 2026 • OSVs – expect seasonal utilization on up to four OSVs during 2026 • P&A Systems – expect seasonal utilization on up to ten P&A systems during 2026 • CT Systems – expect seasonal utilization on up to two CT systems during 2026 • DSVs – expect seasonal utilization on all three diving vessels during 2026 • Epic Hedron – regulatory drydock during Q1; expected to be available in Q2 with good seasonal utilization during 2026 Robotics • Grand Canyon II (Asia Pacific) – fully contracted for work in Q1 in Malaysia and Indonesia and expected to be highly utilized in 2026 with additional opportunities throughout the region • Grand Canyon III (North Sea) – expected to be highly utilized in 2026 for contracted trenching projects; regulatory dry dock in February • Shelia Bordelon (U.S.) – expected to have good utilization in Q1 in the Gulf of America and the U.S. East Coast and to pursue spot market opportunities in Q2; vessel charter expires June if not extended • North Sea Enabler (North Sea) – under flexible charter during first half 2026 and expected to perform renewable trenching projects in Q1; two-year charter extension commences July and expected to perform one renewable contract for entire second half 2026 • Trym (North Sea) – expected to perform UXO identification and other renewables site preparation and site clearance work with high utilization expected in 2026 • Patriot (North Sea/Baltic Sea) – delivered to fleet mid-January under four-year charter (330 days per year); commenced operations early February on an expected six- to seven-month UXO identification and disposal and boulder clearance project • Trenchers (Global) – six trenchers with good utilization expected on three integrated vessel trencher spreads in the North Sea, one trencher working on third-party vessel in the Mediterranean • ROVs (Global) – expect stronger ROV utilization in 2026 over 2025 Production Facilities • Helix Producer I – under contract throughout 2026 • Thunder Hawk – successful well work-over completed in February 2026; wells expected to recommence production early April with production through remainder of 2026 • Droshky – ongoing production expected to decline throughout 2026 2026 Segments Outlook |
| Page 19 © 2026 Helix ESG 2026 Capital additions1 are forecasted at approximately $70 – $80 million: • Approximately $40 – $45 million for regulatory certification costs for our vessels and systems, reported in operating cash flows • Approximately $30 – $35 million for capital expenditures, reported in investing cash flows Free Cash Flow2 • Free Cash Flow outlook includes approximately $70 – $80 million of capital spending, $30 million of gross cash interest expense, and cash income taxes expected between $20 – $30 million • Working capital expected to be impacted by seasonality and timing of collections from customers Balance Sheet • No significant debt maturities until 2029 • Targeting 25% of Free Cash Flow for share repurchases Capital Additions, Cash Flow and Balance Sheet 1 Capital additions represents accrued capital additions; total cash capital spending may differ depending on the timing of capital spending payments 2 Free Cash Flow is a non-GAAP financial measure; see non-GAAP reconciliations below |
| Page 20 © 2026 Helix ESG Key Financial Metrics – Capital Allocation Strategic Capital • Opportunistic deployment for growth Return to Shareholders • $200M share repurchase plan • $72M of repurchases to date under plan Maintenance Capital • Regulatory certification of vessels and systems Balance Sheet • Maintain sufficient liquidity, low net debt • Strong, conventional balance sheet $445M Cash at 12/31/25 ($137M) Net Debt1 at 12/31/25 $70-80M Targeting 25% FCF Forecasted in 2026 Opportunistic 1 Net Debt and Free Cash Flow (FCF) are non-GAAP financial measures; see non-GAAP reconciliations below |
| Non-GAAP Reconciliations and Other Financial Information |
| Page 22 © 2026 Helix ESG Non-GAAP Reconciliations ($ in thousands, unaudited) 12/31/25 12/31/24 9/30/25 12/31/25 12/31/24 12/31/23 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) 8,270 $ 20,121 $ 22,083 $ 30,827 $ 55,637 $ (10,838) $ Adjustments: Income tax provision (benefit) (1,972) 3,880 19,169 11,653 26,427 18,352 Net interest expense 5,580 5,572 5,616 22,777 22,629 17,338 Other expense, net 487 1,275 983 1,390 3,922 3,590 Depreciation and amortization 43,850 40,564 55,661 187,382 173,292 164,116 EBITDA 56,215 71,412 103,512 254,029 281,907 192,558 Adjustments: (Gain) loss on disposition of assets - 429 - - 479 (367) Acquisition and integration costs - - - - - 540 Change in fair value of contingent consideration - - - - - 42,246 Long-lived asset impairment 18,064 - - 18,064 - - Losses related to convertible senior notes - - - - 20,922 37,277 General provision for (release of) current expected credit losses (408) (200) 159 (136) (161) 1,149 Adjusted EBITDA 73,871 $ 71,641 $ 103,671 $ 271,957 $ 303,147 $ 273,403 $ Free Cash Flow: Cash flows from operating activities 113,163 $ 77,977 $ 24,277 $ 136,749 $ 186,028 $ 152,457 $ Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries (5,696) (12,523) (1,688) (16,342) (22,840) (18,659) Free Cash Flow 107,467 $ 65,454 $ 22,589 $ 120,407 $ 163,188 $ 133,798 $ Net Debt: Long-term debt including current maturities of long-term debt 307,995 $ 315,157 $ 307,472 $ 307,995 $ 315,157 $ 361,722 $ Less: Cash and cash equivalents (445,196) (368,030) (338,033) (445,196) (368,030) (332,191) Net Debt (137,201) $ (52,873) $ (30,561) $ (137,201) $ (52,873) $ 29,531 $ Three Months Ended Year Ended |
| Page 23 © 2026 Helix ESG Non-GAAP Reconciliations ($ in thousands, unaudited) 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) (26,287) $ 32,289 $ 29,514 $ 20,121 $ 3,072 $ (2,598) $ 22,083 $ 8,270 $ Adjustments: Income tax provision (benefit) (1,698) 14,725 9,520 3,880 453 (5,997) 19,169 (1,972) Net interest expense 5,477 5,891 5,689 5,572 5,706 5,875 5,616 5,580 Other (income) expense, net 2,216 382 49 1,275 357 (437) 983 487 Depreciation and amortization 46,353 43,471 42,904 40,564 42,482 45,389 55,661 43,850 EBITDA 26,061 96,758 87,676 71,412 52,070 42,232 103,512 56,215 Adjustments: (Gain) loss on disposition of assets 150 - (100) 429 - - - - Long-lived asset impairment - - - - - - - 18,064 Losses related to convertible senior notes 20,922 - - - - - - - General provision for (release of) current expected credit losses (143) 137 45 (200) (85) 198 159 (408) Adjusted EBITDA $ 96,895 46,990 $ 87,621 $ 71,641 $ 51,985 $ 42,430 $ 103,671 $ 73,871 $ Free Cash Flow: Cash flows from operating activities 64,484 $ (12,164) $ 55,731 $ 77,977 $ 16,442 $ (17,133) $ 24,277 $ 113,163 $ Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries (3,242) (3,989) (3,086) (12,523) (4,488) (4,470) (1,688) (5,696) Free Cash Flow $ (16,153) 61,242 $ 52,645 $ 65,454 $ 11,954 $ (21,603) $ 22,589 $ 107,467 $ Net Debt: Long-term debt including current maturities of long-term debt 318,164 $ 318,629 $ 314,673 $ 315,157 $ 311,109 $ 311,612 $ 307,472 $ 307,995 $ Less: Cash and cash equivalents and restricted cash (323,849) (275,066) (324,120) (368,030) (369,987) (319,743) (338,033) (445,196) Net Debt $ 43,563 (5,685) $ (9,447) $ (52,873) $ (58,878) $ (8,131) $ (30,561) $ (137,201) $ Three Months Ended |
| Page 24 © 2026 Helix ESG Non-GAAP Financial Measures We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, long-lived asset impairment losses, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration and the general provision for (release of) current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. We use EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant. Non-GAAP Reconciliations |
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